JPY Advancing Streak has been Stopped - BBH
Research Team at BBH, suggests that the surging yen has been the main
feature in the foreign exchange market in recent days, but its advancing
streak has been stopped with today's setback.
“The greenback briefly dipped below JPY 107.70 in North America yesterday but has not been below JPY 108 today. It is near JPY 109 as NY dealers return to their posts.
Japanese officials may have ratcheted up their rhetoric a notch, but ultimately it simply seems that yen buying dried up. Either the demand at the beginning of the fiscal year has been met, or the sharp yen rise encouraged buyers to pull back. The dollar's upticks look corrective in nature, and it remains well within yesterday's range. We peg initial resistance in the JPY 109.30 area.”
(Market News Provided by FXstreet)